The cryptocurrency market had a bit of a downturn on Monday, with its total value sitting at about $1.13 trillion. Bitcoin (BTC) struggled to break past $28,000 recently and was trading at around $27,848 during London’s early trading hours on Monday.
Other cryptocurrencies like Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) also faced losses due to a drop in trading activity.
The crypto market’s performance is also being influenced by some big global issues. Ongoing conflicts between Gaza and Israel have caused a lot of damage, displacing many families and causing tragic loss of life. Additionally, the Russia-Ukraine conflict is showing how cryptocurrencies can be used to provide aid quickly in areas that need it.
However, these global events have led investors to gravitate towards war-related stocks and speculate on oil prices as Middle Eastern nations find themselves in a precarious position. Notably, oil prices surged by about 4.5 percent due to heightened tensions among oil producers and divisions among nuclear superpowers.
Adding to the market’s ups and downs, roughly $730 million worth of Bitcoin and Ethereum options expired last Friday. The data suggests that more traders are choosing call options instead of put options, which shows they have a positive outlook for October. However, since more valuable options will expire later in the month, the market is getting ready for the possibility of more ups and downs.
All these factors, like global events, market predictions, and the way the crypto market naturally behaves, are all mixed together and affecting cryptocurrency values. As traders and investors deal with these things, the crypto market is trying to find stability in a world that’s changing fast.
Last week, most ethereans had never heard of RISC-V, let alone worked out how to…
Ethereum, the world’s second-largest cryptocurrency, has made a strong comeback after dipping below $1,400 not…
Coinbase officially launched XRP futures contracts on its U.S. Derivatives Exchange on April 21. The…
The weekly trade began with a huge bullish push, which uplifted the Bitcoin price above…
Story Highlights The DEEP price today is . The DeepBook Protocol price could shoot to…
Bitcoin has just soared past $90,000, and the market is buzzing with excitement. This new…